LONDON: The High Court of Justice in the British Virgin Islands has recalled all its earlier orders attaching Pakistan International Airline’s offshore assets — The Roosevelt Hotel in.
Virgin Islands court unfreezes PIA assets in Reko Diq caseInternational 2021-05-26, by Editor Comments Off 2
ISLAMABAD: The High Court of Justice in the British Virgin Islands (BVI) has recalled its earlier orders regarding attachment of PIA offshore assets in the Reko Diq case against Pakistan.
BVI High Court Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached certain assets of PIA.
The court had attached the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels Roosevelt Hotel in Manhattan, New York, and Scribe Hotel in Central Paris.
In view of the injunction, PIA could not sale any of these hotels.
Daily Times
May 26, 2021
The British Virgin Island High Court has withdrawn orders to freeze the offshore assets of Pakistan International Airlines as settlement in the Reko Diq case, giving back control to the airline, a private TV channel reported.
Attorney General for Pakistan Khalid Jawed Khan shared a statement, calling it a “great level victory for Pakistan”. “Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris,” read the statement, referring to the hotels that PIA owns abroad and the control of which was sought as compensation against the cancellation of a copper and gold mining license.
Responding to the development, PIA said that justice had prevailed and thanked the people of the country for their prayers. “BVI [decided]in favour of PIA, releasing all hard earned assets i.e., Roosevelt NYC & Scribe Paris. Great victory for PIA and Pakistan. We won this together,” the airline said.
International court reverses judgement to freeze PIA assets in Reko Diq case
Pakistan
PIA s Roosevelt Hotel in New York. Twitter/PIA
The foreign assets of Pakistan International Airlines that were ordered frozen as settlement in the Reko Diq case have been given back to the carrier after the British Virgin Island High Court reversed its decision in this regard.
Attorney General for Pakistan Khalid Jawed Khan shared a statement, calling it a great level victory for Pakistan . Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris, read the statement, referring to the hotels that PIA owns abroad and the control of which was sought as compensation against the cancellation of a copper and gold mining license.
The British Virgin Islands High Court has ordered unfreezing offshore assets of the Pakistan International Airlines in the Reko Diq case, the office of the Attorney General of Pakistan confirmed Tuesday. The court has recalled its December 2020 orders to attach certain PIA assets in the Reko Diq case against Pakistan. These assets include PIA’s interests in Roosevelt Hotel in New York and Scribe Hotel in Paris.